kikipeepers asked
The remodeling industry responds to the broader real estate and housing markets, and the downturn in the housing industry has dragged down the remodeling sector with it. Last week two economists said business in the remodeling sector likely will remain slow at least until 2009. David Seiders, chief economist for the National Association of Home Builders, estimates the remodeling business will fall 7% in 2008, coming on the heels of a 4% decline in 2007. A slight improvement is expected next year, but the market won’t return to the peak levels of 2006 until 2012, he estimated. “We’re clearly in an economic slowdown,” Seiders said.
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